August 5, 2019 / 10:02 AM / 4 months ago

SE Asia Stocks-Join global selloff; Philippines slumps 3%

    * Indonesia posts over 2-month closing low
    * Singapore drops most in nearly 3 months

    By Soumyajit Saha
    Aug 5 (Reuters) - Southeast Asian stock markets plunged on
Monday, with the Philippines shedding 3%, as an escalation of
trade tensions between the United States and China sent
investors worldwide scurrying for safe havens.
    After U.S. President Donald Trump abruptly decided on
Thursday to slap 10% tariffs on $300 billion in Chinese imports,
China vowed to fight what it called an "irrational,
irresponsible act" and promised to "take whatever necessary
countermeasures to protect" its "rights".
    China let the yuan fall below the 7-per-dollar level for the
first time in over a decade on Monday, raising fears of a
possible currency war.
    Beijing "appears to have decided that, given the
increasingly dim prospects of a trade deal with the US, the
boost to China's export sector from currency depreciation is
worth attracting the ire of Trump", economic research
consultancy Capital Economics said in a note.
    China is Southeast Asia's biggest trading partner, and the
protracted trade war between the world's two top economies has
adversely affected markets in the region over the past year.
    Philippine shares fell the most in almost nine
months, dragged by financial and property stocks.
    Property developer SM Prime Holdings lost 4.3%,
while lender Metropolitan Bank and Trust dropped 4%. 
    Indonesian shares closed at their lowest in more
than two months, with financials accounting for most of the
    Lenders Bank Rakyat Indonesia (Persero) and Bank
Mandiri (Persero) fell 4% and 3.3%, respectively.
    Indonesia's economic growth in the second quarter roughly
matched expectations, but was lower than the previous quarter
and the weakest in two years.
    An index of Jakarta's 45 most liquid stocks
dropped 3.2%.
    Singapore shares fell the most in almost three
months, with conglomerate Jardine Matheson Holding 
shedding 5.7%, while investment holding co DBS Group Holdings
 declined 3.7%.
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 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3194.51   3261.11         -2.04
 Bangkok                1665.99   1684.71         -1.11
 Manila                 7890.02   8129.93         -2.95
 Jakarta                6175.703  6340.18         -2.59
 Kuala Lumpur           1610.41   1626.76         -1.01
 Ho Chi Minh            973.15    991.1           -1.81
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3194.51   3068.76         4.10
 Bangkok                1665.99   1563.88         6.53
 Manila                 7890.02   7,466.02        5.68
 Jakarta                6175.703  6,194.50        -0.30
 Kuala Lumpur           1610.41   1690.58         -4.74
 Ho Chi Minh            973.15    892.54          9.03
 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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